Budgeting is something that often fills people with dread, but we’ve never been able to really pinpoint why. Of course, we do get letters from all of our readers. They talk about how they know they should budget, but they still never do it. They just go from month to month, blindly paying bills and following some sort of unspoken set of rules. It’s better to have a plan every month for where your money’s going. After all, it’s your money and it’s up to you to protect it as well as help it grow. Money can’t do anything without your decision making process being involved. In other words, if you want your money to grow then you’re going to have to look at your budget very carefully.
Since summer is giving way to fall, we thought it would be a great time to look at setting up a budget, as well as smarter money management tricks.
So, what should you do first? Well, it’s time to take a real inventory of how things are going. Have you noticed more use of credit cards instead of cash in your bank account? This might be a warning flag that your spending is out of control. It’s time to clip back spending by making better decisions. Do you need to make that sale, or are you just trying to do it in order to fit in with your friends? Trying to keep up with your mates is a big reason why you could be in serious financial trouble.